New Job Opportunity, but Mortgage is 50k Underwater...can I sign a promissory note for difference?Hi All -We bought our home about 6 years ago, and owe about $275k on the mortgage. Unfortunately, based on similar homes that have sold in our neighborhood, I'd guess the actual value of our home is now somewhere in the $225k - $240k range.My wife has just been offered a fabulous job opportunity that would pay about 50% more than her current position, and we'd really love to be able to move (I telecommute, so I can live anywhere). Unfortunately, we simply do not have the cash to make up the difference between what we owe and what the house is actually worth.My question is, since we're current on our mortgage (and don't have an actual hardship), is there any chance a lender would allow us to do a short sale and voluntarily sign a promissory note for the balance? While we can't afford two house payments, we could certainly afford to pay the balance we owe over a 10 year period or so. If we did convince the bank to let us sign a promissory note for the balance, would this negatively impact our credit (beside the general impact of that much unsecured debt)?August 17 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.